Textured Soy Protein Market to Reach $2.1 Bn, Globally, by 2026 at 8.7% CAGR: Allied Market Research

Surge in number of vegan populations, usage as meat replacer or extender, and significant increase in demand from the feed industry drive the growth of the global textured soy protein market

PORTLAND, Oregon, Oct. 30, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Textured Soy Protein Market by Nature (Organic, Conventional, and Non-GMO) and Application (Food & Beverages Industry and Feed Industry): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global textured soy protein industry garnered $1.1 billion in 2018, and is estimated to reach $2.1 billion by 2026, growing at a CAGR of 8.7% from 2019 to 2026.

Prime determinants of growth

Surge in number of vegan populations, usage as meat replacer or extender, and significant increase in demand from the feed industry drive the growth of the global textured soy protein market. However, potential threats regarding substitutes and challenges related to formulations hinder the market growth. On the other hand, rise in lactose-intolerant population and increase in millennial populations present new opportunities in the market.

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The food & beverage segment to maintain its lion's share by 2026

Based on application, the food & beverage industry accounted for nearly nine-tenths of the total market share of the global textured soy protein market in 2018, and is expected to maintain its lion's share during the forecast period. This is due to the presence of advanced machinery that enables continuous production and innovations such as texturization of plant-based proteins. On the other hand, the feed industry is projected to register the fastest CAGR of 10.3% from 2019 to 2026, owing to rise in awareness about the higher protein (60-85%) composition in textured soy proteins and maintenance of moisture level of about 20-25% for texturization.

The conventional segment to dominate in terms of revenue throughout the forecast period

Based on nature, the conventional segment accounted for the largest share in the global textured soy protein market in 2018, accounting for nearly half of the total market share, and will dominate in terms of revenue throughout the forecast period. This is due to inventions catering to the demand of target customers and ease in availability in natural food supermarkets, buying clubs, food cooperatives, health food stores, online channels, and natural foods section of traditional supermarkets. However, the organic segment is expected to grow at the fastest CAGR of 9.3% from 2019 to 2026, owing to surge in awareness regarding health benefits related to consumption of organic food and usage of organic ingredients for food processing.

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North America to maintain its leadership status by 2026

Based on region, North America held the largest share in 2018, contributing to more than one-third of the global textured soy protein market, and will maintain its leadership status during the forecast period. This is due to rise in awareness regarding vegan food consumption among population and the largest production of soybean in the region. Contrarily, Asia-Pacific is estimated to grow at the highest CAGR of 9.8% from 2019 to 2026. This is due to trend of health & wellness, the highest number of vegan populations, and surge in rate of consumption of soy products in the region.

Leading market players

• DuPont
• Archer Daniels Midland Company
• Cargill, Incorporated.
• CHS Inc.
• Kellog Company
• Wilmar International Ltd.
• Bob's Red Mill Natural Foods
• Gushen Biological Technology Group Co., Ltd.
• Pacific Soybean & Grain
• Gremount International Company Limited

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